Export Journey Of Turkey in 2019

Export Journey Of Turkey in 2019

According to the report published by Turkish Ministry of Trade, (T.C.Ticaret Bakanlığı) Turkey’s export has been reached an all-time high $180.50 billion showing growth rate of 2.04% in 2019 compared to the previous year.

On the other hand, import dropped by 8.9% in 2019 and reached 210.4 billion compared to the previous year. Turkey’s foreign trade deficit decrease by 44.9% from $54.3 billion to $29.9 billion.

In January-December 2019, the coverage ratio of exports to imports increased from 76.5% to 85.8% compared to previous year.

Foreign trade made a record contribution of 4.7 points to the country’s growth, the largest contribution seen in 18 years in Turkey.

The main destination of Turkey’s export in 2019 was Germany with $16.6 billion, while the U.K. $11.28 billion and Iraq $10.2 billion followed it.

Minister of Trade Ruhsar Pekcan Said:

‘‘Despite all the difficulties, hurdles and negative factors of last year in the global economy, Turkey shows a positive performance in international trade and broke records in exports hitting a historical high. Turkey was one of the best performing countries in international trade in 2019.

The volume of exports affected by the protectionist measures, which leads an increased to $7.2 billion in 2018 and $11 billion in 2019. When we look at some possible measures, this is likely to go up to as much as $14.4 billion’’.

The Turkish government is encouraging both local and foreign investors by reducing investment related costs and creating a more investor-friendly environment. In terms of this, Turkish Government spent $540 million in 2019. This is the largest figure for supporting exports in the history of the country. Turkish Government is expected to increase these incentives to $640 million in 2020.

Stay Updated

Doing Business in Turkey .com is the leading business news and information portal that provides lots of resources for global entrepreneurs and corporates who consider starting or operating a business in Turkey.